Shale Energy PLC to buy Eden Energy PED Licenses

The Australian company Eden Energy, which holds a 50% interest in the Somerset Petroleum Exploration & Development Licenses together with UK Methane, is to sell its interest to Shale Energy PLC for £10 million. This will be done through Shale Acquisition Ltd, which in turn is owned by Shale Energy PLC, an unlisted UK public company. The deal is contingent on verified estimates of recoverable gas and on the Department for Energy and Climate Change extending the PEDLs for “at least 12 months” from their expiry date of 30 September 2014. They intend to float the company on the AIM Market of the London Stock Exchange. Shale Energy describe themselves as an “acquisition vehicle” which to date has been active in the USA.